Time has run out for Dragon's Dome prospective owner Central Illinois Sports Alliance, but the door is opening for other potential investors.
Alan Tucker, a partner with Sports Alliance LLC, was in talks with three possible local investors to buy the facility, but he said those haven't panned out. The Pekin City Council voted to loan $500,000 to the sports alliance to buy the dome, with a May 31 deadline.
The cost is $1.15 million from owner Bill Griffin, with the remaining money coming from conventional financing.
"The bottom line is that the local business community does not seem to see the value of having the dome operating as an event center as compared to the financial risks it takes to operate it as such. It is tempting for locals to wait until the worst happens and see if they can pick up the pieces cheaply," Tucker said in a news release.
Tucker will be vacating the property during the first part of June, said Griffin, in a new release. The dome will remain standing for the next 30 to 60 days. At the end of that time, a team will be brought in to deflate it, Griffin said. The Den will stay open for booked events, he said.
Pekin Mayor Rusty Dunn said "the door is closed" on any future loans with CISA, adding other investors are interested.
"The city has no further interest in partnering with Alan Tucker and his organization. They gave it a fair shot, but they just couldn't get it done, and that's too bad," Dunn said. "I'm still hopeful the dome will find a new owners and management team to make it a successful operation in Pekin and the region."
Griffin also said he has had a few calls from people who might want to purchase the property. Those individuals will be contacted to see if their interest is still there, he said.
Pekin City Manager Dennis Kief said this is not the end of the Dragon's Dome. "This doesn't mean that the dome is going to go away. Potentially, this could bring new players to the table."
Any potential investors could seek additional opportunities after June 1, when the city's initial $500,000 loan offer to CISA officially expires. The city is looking for developers with a solid business plan.
"Obviously, (potential investors) would have to talk to the owner of the facility, but they could also talk to the city about the possibility of a loan," Kief said.
The dome is managed by affiliate Central Illinois Sports Management. That company received notice from Griffin its contract will be terminated in June, Tucker said, adding he expects the property to "be sold soon to another developer."
The property first was on the market in November 2007 and went up for sale a second time last April at a greatly reduced price. The Pekin City Council could revisit the issue and offer other funding options as early as the June 14 council meeting, Kief said.
Dunn said the city would not revisit purchasing the 76,000-square-foot inflatable sports arena, though he recognizes the value of the unique facility to the community.
The dome opened in January 2005 and sits on 33 acres of commercially zoned property that includes a small support facility, parking lot and four outdoor diamonds.
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